3468 Investment Credit

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Form

3468

Department of the Treasury
Internal Revenue Service

Investment Credit

OMB No. 1545-0155

Attach to your tax return.
Go to www.irs.gov/Form3468 for instructions and the latest information.

Name(s) shown on return

Part I

2024

Attachment
Sequence No. 174
Identifying number

Information on Qualified Property or Qualified Facility (see instructions)

TREASURY/IRS
AND OMB USE
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DO NOT FILE
1

If making an elective payment election or transfer election, enter the IRS-issued registration
number for the facility . . . . . . . . . . . . . . . . . . . . . . . .
2a (i) Enter the facility’s emissions value or rate (kg of CO2e per kg of qualified clean hydrogen):
(ii) Enter the Department of Energy (DOE) control number, if applicable (see instructions):
b Check this box if you are claiming a section 48E credit for a qualified facility and you have petitioned for a provisional
emissions rate, and have received an emissions value from the DOE and/or used a designated lifecycle analysis (LCA)
model to determine an emissions value. See instructions . . . . . . . . . . . . . . . . . . . . . .
3a Type (solar, clean hydrogen, rehabilitation, etc.):
b If different from filer, enter:
(i) Owner’s name:
(ii) Owner’s TIN:
c Address of the facility (if applicable):
d Coordinates.

(i) Latitude:

.

Enter a “+” (plus) or “-” (minus) sign in the first box.

e
4
5
6
7

a
b
c

8

a
b
c
d

9
a
b
c
10
a
b
c
11
a
b
c

(ii) Longitude:

.

Enter a “+” (plus) or “-” (minus) sign in the first box.

Check this box if the property includes qualified interconnection property under section 48(a)(8) or 48E(b)(1)(B)(i) . . . .
Date construction began (MM/DD/YYYY):
Date placed in service (MM/DD/YYYY):
Is the facility an expansion of an existing facility? . . . . . . . . . . . . . . . . . . . .
Yes
No
Does the property, facility, or project produce a net output of less than 1 megawatt (MW) alternating current (ac), or equivalent
thermal energy?
Yes.
No.
Not applicable; the facility doesn’t produce electricity.
Does the property, facility, or project satisfy the prevailing wage and apprenticeship requirements?
Yes, and sections 48C(e)(5) and (6) apply, and it was declared as provided per Notice 2023-18.
Yes, and either (i) section 48(a)(9)(B)(ii), 48E(a)(2)(A)(ii)(ll), or 48E(a)(2)(B)(ii)(ll) applies if construction began before January 29,
2023; or (ii) sections 48(a)(10) and (11), or 48E(d)(3) and (4) apply.
No.
Not applicable.
Does the property, facility, or project qualify for a domestic content bonus credit per section 48(a)(12)(B) or 48E(a)(3)(B)?
Yes, and section 48(a)(9)(B), 48E(a)(2)(A)(ii), or 48E(a)(2)(B)(ii) is satisfied (10% bonus). Attach the required information.
Yes, and section 48(a)(9)(B), 48E(a)(2)(A)(ii), or 48E(a)(2)(B)(ii) is not satisfied (2% bonus). Attach the required information.
No.
Does the property, facility, or project qualify for an energy community bonus credit per section 48(a)(14) or 48E(a)(3)(A)?
Yes, and section 48(a)(9)(B), 48E(a)(2)(A)(ii), or 48E(a)(2)(B)(ii) is satisfied (10% bonus).
Yes, and section 48(a)(9)(B), 48E(a)(2)(A)(ii), or 48E(a)(2)(B)(ii) is not satisfied (2% bonus).
No.
Does the property, facility, or project qualify for the low-income communities bonus credit under section 48(e)(2) or 48E(h)(2)?
(The facility must have received an allocation of capacity limitation.)
Yes, and the facility is located in a low-income community per section 45D(e) (10% bonus).
Yes, and the facility is located on Indian land per section 2601(2) of P.L. 102-486 (10% bonus).
Yes, and the facility is part of a qualified low-income residential building project facility per section 48(e)(2)(B) or 48E(h)(2)(B)
(20% bonus).

d

Yes, and the facility is part of a qualified low-income economic benefit project facility per section 48(e)(2)(C) or 48E(h)(2)(C)
(20% bonus).
e If “Yes” to line 11a, 11b, 11c, or 11d, enter your 48(e) or 48E(h) Control Number:
f Enter the originating pass-through entity’s employer identification number (EIN) (if applicable):
g
No.
For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 12276E

Form 3468 (2024)

Page 2

Form 3468 (2024)

Part I
12
a

Information on Qualified Property or Qualified Facility (see instructions) (continued)

Enter the nameplate capacity or storage capacity for your property, facility, or project.
Solar.
(i) Nameplate capacity:
kilowatt (kW) direct current (dc)
kW ac
(ii) Nameplate capacity:
(iii) Check here if the solar energy property or facility includes a solar tracking device . . . . . . . . . . . . .
Wind nameplate capacity:
kW ac
Other.
(i) Type:
(ii) Nameplate capacity:
kW
(iii) Kilowatt type:
ac
dc
Energy storage.
(i) Power capacity rating:
kW
kilowatt-hours (kWh)
(ii) Energy storage capacity:
(iii) Is the energy storage installed in connection with the solar or wind facility a thermal storage? . . . .
Yes
No
Not applicable.
Are you claiming the investment credit as a lessee based on a section 48(d) (as in effect on November 4,
Yes
No
1990) election? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If “Yes,” complete lines 13a through 13e. If you acquired more than one property as a lessee, attach a statement showing the
information below separately reported for each property.
Name of lessor:
Address of lessor:
Description of property:
Amount for which you were treated as having acquired the property . . . . . . . . . . . .
$
Income inclusion amount reported for tax year under Regulations section 1.50-1 . . . . . . . .
$

TREASURY/IRS
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September 9, 2024
DO NOT FILE
b
c

d

e

13

a
b
c
d
e

Part II

Qualifying Advanced Coal Project Credit and Qualifying Gasification Project Credit

Section A—Qualifying Advanced Coal Project Credit Under Section 48A (see instructions)
1a

Enter the qualified investment in integrated gasification
combined cycle property placed in service during the
tax year for projects described in section 48A(d)(3)(B)(i)
b Multiply line 1a by 20% (0.20) . . . . . . . . .
2a Enter the qualified investment in advanced coal-based
generation technology property placed in service
during the tax year for projects described in section
48A(d)(3)(B)(ii) . . . . . . . . . . . . .

b Multiply line 2a by 15% (0.15) . . . . . . . . .
3a Enter the qualified investment in advanced coal-based
generation technology property placed in service
during the tax year for projects described in section
48A(d)(3)(B)(iii) . . . . . . . . . . . . .

1a
. .

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1b

2a
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2b

3a
b Multiply line 3a by 30% (0.30) . . . . . . . . . . . . . . . .
3b
Section B—Qualifying Gasification Project Credit Under Section 48B (see instructions)
4a

Enter the qualified investment in qualified gasification
property placed in service during the tax year for which
credits were allocated or reallocated after October 3,
2008, and that includes equipment that separates and
sequesters at least 75% of the project’s carbon dioxide
emissions . . . . . . . . . . . . . . .

4a
b Multiply line 4a by 30% (0.30) . . . . . . . . . . . . . . . .
4b
5a Enter the qualified investment in property other than in
line 4a above placed in service during the tax year .
5a
b Multiply line 5a by 20% (0.20) . . . . . . . . . . . . . . . .
5b
6
Enter the applicable unused investment credit from cooperatives. See
instructions . . . . . . . . . . . . . . . . . . . . . .
6
7
Add lines 1b, 2b, 3b, 4b, 5b, and 6. Report this amount on Form 3800, Part III, line 1a

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7
Form 3468 (2024)

Page 3

Form 3468 (2024)

Part III

Qualifying Advanced Energy Project Credit Under Section 48C (see instructions)

Caution: You cannot claim any investment credits for a facility or property under section 48C if you also claimed credits under section 45X.
1a

Enter the qualified investment in advanced energy
project property placed in service during the tax year
b If you checked the box in Part I, line 8a, and it’s
consistent with your section 48C application per Notice
2023-18, enter 30%. If you checked the box in Part I,
line 8c, enter 6% . . . . . . . . . . . .

1a

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c
d
e
f
2
3

1b
%
Multiply line 1a by line 1b
. . . . . . . . . . . . . . . . .
1c
Enter your section 48C Allocation control number:
Is the facility in a section 48C energy community census tract?
Yes
No
Enter the originating pass-through entity’s EIN (if applicable):
Enter the applicable unused investment credit from cooperatives. See instructions
2
Add lines 1c and 2. Report this amount on Form 3800, Part III, line 1d . . . . . .

Part IV

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3

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3

Advanced Manufacturing Investment Credit Under Section 48D (see instructions)

1a

Check the box below that applies to your advanced
manufacturing investment project.
Semiconductor manufacturing facility
Semiconductor equipment manufacturing facility
b Enter the basis of the qualified investment for the tax
year with respect to any advanced manufacturing facility 1b
c Multiply line 1b by 25% (0.25) . . . . . . . . . . . . . . . .
1c
2
Enter the applicable unused investment credit from cooperatives. See instructions
2
3
Add lines 1c and 2. Report this amount on Form 3800, Part III, line 1o . . . . . .

Part V

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Clean Electricity Investment Credit Under Section 48E

Section A—Qualified Clean Electricity Facilities (see instructions)
Caution: You cannot claim any investment credits for a facility under section 38 for the tax year or any prior tax year if a credit was
allowed under section 45, 45J, 45Q, 45U, 45Y, 48, or 48A.
Enter the basis of the qualified investment for any
qualified facility described in section 48E(b)(1) placed in
service during the tax year . . . . . . . . .
b If you checked Part I, line 7a or 8b, enter 30%.
Otherwise, enter 6% . . . . . . . . . . .
c Multiply line 1a by line 1b
. . . . . . . . . .
d If you checked Part I, line 9a, enter 10%. If you checked
Part I, line 9b, enter 2%. Otherwise, go to line 1f . .
e Multiply line 1a by line 1d
. . . . . . . . . .
f If you checked Part I, line 10a, enter 10%. If you checked
Part I, line 10b, enter 2%. Otherwise, go to line 1h . .
g Multiply line 1a by line 1f . . . . . . . . . . .
h If you checked the box in Part I, line 11a or 11b, enter
10%. If you checked the box in Part I, line 11c or 11d,
enter 20%. However, if you checked the box in Part I,
line 11g; or Part I, line 12a(ii), 12b, or 12c(ii), is 5 MW ac
or more (in relation to line 11a, 11b, 11c, or 11d), you
don’t qualify for the bonus credit. In that situation, enter
0% here, go to line 1n and enter -0-, and then go to line 2

1a

i
j

k

Enter the amount of capacity limitation you were
allocated in the allocation letter
. . . . . . .
If the entry on Part I, line 12a(i), 12b, or 12c(ii), equals
the entry on line 1i, multiply line 1a by line 1h and go to
line 1n. Otherwise, continue to line 1k . . . . .

1a

1b
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1d
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1f
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%

1c

%
1e
%
1g

1h

%

1i

kW

1j

If the entry on Part I, line 12a(i), 12b, or 12c(ii), is more
than the entry on line 1i, divide line 1i by Part I, line
12a(i), 12b, or 12c(ii) . . . . . . . . . . .

1k
1l
l Multiply line 1h by line 1k
. . . . . . . . .
m Multiply line 1a by line 1l . . . . . . . . . .
1m
n If Part I, line 12a(i), 12b, or 12c(ii), is more than the entry on line 1i, enter the
amount from line 1m. Otherwise, enter the amount from line 1j . . . . .
1n
2
Add lines 1c, 1e, 1g, and 1n . . . . . . . . . . . . . . . . . . . .

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2
Form 3468 (2024)

Page 4

Form 3468 (2024)

Part V

Clean Electricity Investment Credit Under Section 48E (continued)

Section B—Qualified Energy Storage Technology (see instructions)
Caution: You cannot claim any investment credits for a facility under section 38 for the tax year or any prior tax year if a credit was
allowed under section 45, 45J, 45Q, 45U, 45Y, 48, or 48A.
3a

Enter the basis of the qualified investment for any
energy storage technology described in section 48E(c)
3a
placed in service during the tax year . . . . . .
b If you checked Part I, line 7a or 8b, enter 30%.
Otherwise, enter 6% . . . . . . . . . . .
%
3b
c Multiply line 3a by line 3b
. . . . . . . . . . . . . . . . .
3c
d If you checked Part I, line 9a, enter 10%. If you checked
Part I, line 9b, enter 2%. Otherwise, go to line 3f . .
%
3d
e Multiply line 3a by line 3d
. . . . . . . . . . . . . . . . .
3e
f If you checked Part I, line 10a, enter 10%. If you checked
Part I, line 10b, enter 2%. Otherwise, go to line 4 . .
%
3f
g Multiply line 3a by line 3f . . . . . . . . . . . . . . . . . .
3g
h Reserved for future use . . . . . . . . . .
3h
i Reserved for future use . . . . . . . . . .
3i
j Reserved for future use . . . . . . . . . .
3j
k Reserved for future use . . . . . . . . . .
3k
l Reserved for future use . . . . . . . . . .
3l
m Reserved for future use . . . . . . . . . .
3m
n Reserved for future use . . . . . . . . . . . . . . . . . .
3n
4
Add lines 3c, 3e, and 3g . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Section C—Totals, Credit Reduction for Subsidized Energy Financing or Private Activity Bonds, and Credit Phaseout (see instructions)
5
Add Part V, lines 2 and 4 . . . . . . . . . .
5
If proceeds of subsidized energy financing or private
activity bonds were not used to finance your qualified
clean electricity facility or your qualified energy storage
technology, skip line 6, and go to line 7.

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6a

Divide. Sum, for the tax year and all prior tax
years, of all proceeds of subsidized
energy financing or private activity
bonds used to finance the qualified
facility or qualified storage technology,
as of the close of the tax year
Aggregate amount of additions to the
capital account for the qualified
facility, for the tax year and all prior tax
years, as of the close of the tax year

b
c
d
e
7

8

9
10
11

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.

Multiply line 5 by line 6a . . . . . . . . . .
Multiply line 5 by 15% (0.15) . . . . . . . .
Enter the smaller of line 6b or 6c . . . . . . .
Subtract line 6d from line 5 . . . . . . . . .
If proceeds of subsidized energy financing or private
activity bonds were used to finance your facility, enter
the amount from line 6e. Otherwise, enter the amount
from line 5 . . . . . . . . . . . . . .

6a

6b
6c
6d
6e

7

If you are making an elective payment election under section 6417 and the
facility doesn’t meet the rules of section 45Y(g)(12)(B)(i), or doesn’t have a
maximum net output of less than 1 MW (as measured in ac) and construction
began in 2024 or 2025, multiply line 7 by line A or B below. All others, enter
the amount from line 7.
A. Construction began in 2024, 90% (0.90)
B. Construction began in 2025, 85% (0.85) . . . . . . . . . . .
8
Reserved for future use . . . . . . . . . . . . . . . . . .
9
Enter the applicable unused investment credit from cooperatives. See instructions 10
Add lines 8 and 10. Report this amount on Form 3800, Part III, line 1v . . . . . .

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Form 3468 (2024)

Page 5

Form 3468 (2024)

Part VI

Energy Credit Under Section 48

Section A—Geothermal Energy Credit (see instructions)
1a

Enter the basis of property using geothermal energy
placed in service during the tax year . . . . . .
b If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
c Multiply line 1a by line 1b
. . . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 1f . . . . . . . . . .

1a
1b
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1d
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1f
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%

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e
f

Multiply line 1a by line 1d
. . . . . . . . . .
If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 2 . . . . . . . . . .

g Multiply line 1a by line 1f . . . . . . .
2
Add lines 1c, 1e, and 1g . . . . . . .
Section B—Solar Energy Credit (see instructions)

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1c

%

1e

%
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1g
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2

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4

3a

Enter the basis of property using solar illumination
(including electrochromic glass) or either solar energy
property or solar facility placed in service during the tax
year
. . . . . . . . . . . . . . . .
b If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
c Multiply line 3a by line 3b
. . . . . . . . . .

3a

3b
. .

%

3c

Caution: Property described under section 48(a)(3)(ii) does not qualify for the solar
facility in connection with low-income community bonus credit under section 48(e). If
completing Section B for a section 48(a)(3)(ii) property, skip lines 3d through 3j, and
go to line 3k.
d If you checked the box in Part I, line 11a or 11b, enter
10%. If you checked the box in Part I, line 11c or 11d,
enter 20%. However, if you checked the box in Part I,
line 11g; or Part I, line 12a(ii), is 5 MW ac or more (in
relation to line 11a, 11b, 11c, or 11d), you don’t qualify
for the bonus credit. In that situation, enter 0% here,
go to line 3j and enter -0-, and then go to line 3k . .
e Enter the amount of capacity limitation you were
allocated in the allocation letter
. . . . . . .
f If the entry on Part I, line 12a(i), equals the entry on line
3e, multiply line 3a by line 3d and go to line 3j.
Otherwise, continue to line 3g . . . . . . . .

3d

%

3e

kW dc

3f
g If the entry on Part I, line 12a(i), is more than the entry
on line 3e, divide line 3e by Part I, line 12a(i) . . .
3g
h Multiply line 3d by line 3g . . . . . . . . .
3h
3i
i Multiply line 3a by line 3h
. . . . . . . . .
j If Part I, line 12a(i), is more than the entry on line 3e, enter the amount from line
3i. Otherwise, enter the amount from line 3f . . . . . . . . . . .
k If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 3m . . . . . . . . . .
3k
%
l Multiply line 3a by line 3k
. . . . . . . . . . . . . . . . .
m If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 4 . . . . . . . . . .
3m
%
n Multiply line 3a by line 3m . . . . . . . . . . . . . . . . .
4
Add lines 3c, 3j, 3l, and 3n . . . . . . . . . . . . . . . . . .

3j

3l

3n
. .

Form 3468 (2024)

Page 6

Form 3468 (2024)

Part VI

Energy Credit Under Section 48 (continued)

Section C—Qualified Fuel Cell Property (see instructions)
5a Enter the basis of property using qualified fuel cell
property placed in service during the tax year that was
acquired after 2005 and before October 4, 2008, and
the basis attributable to construction, reconstruction,
or erection by the taxpayer after 2005 and before
October 4, 2008
. . . . . . . . . . . .
b Multiply line 5a by 30% (0.30) . . . . . . . .
c Enter the applicable kW capacity of property on line 5a.
See instructions . . . . . . . . . . . . .
d Multiply line 5c by $1,000 . . . . . . . . .
e Enter the smaller of line 5b or 5d . . . . . . . .
f Enter the basis of property using qualified fuel cell
property placed in service during the tax year that is
attributable to periods after October 3, 2008 . . .

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g If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
h Multiply line 5f by line 5g . . . . . . . . . .
i If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 5l . . . . . . . . . .
j
k
l

Multiply line 5f by line 5i . . . . . . . . . .
Reserved for future use . . . . . . . . . . .
If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 5n . . . . . . . . . .

m Multiply line 5f by line 5l . . . . . . . . . .
n Add lines 5h, 5j, and 5m . . . . . . . . . .
o Enter the applicable kW capacity of property on line 5f.
See instructions . . . . . . . . . . . . .
p Multiply line 5o by $3,000 . . . . . . . . .
q Enter the smaller of line 5n or 5p . . . . . . . .
6
Add lines 5e and 5q . . . . . . . . . . . .
Section D—Qualified Microturbine Property (see instructions)

5a
5b

5c
5d
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5e

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5f

5g
5h

%

5i
5j
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%

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5l
5m
5n

5o
5p
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5k

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%

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5q
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6

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8

7a

Enter the basis of property using microturbine property
placed in service during the tax year that was acquired
after 2005, and the basis attributable to construction,
reconstruction, or erection by the taxpayer after 2005
b If you checked the box in Part I, line 7a or 8b, enter
10%. Otherwise, enter 2% . . . . . . . . .
c Multiply line 7a by line 7b
. . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 7g . . . . . . . . . .
e Multiply line 7a by line 7d
. . . . . . . . .
f Reserved for future use . . . . . . . . . . .
g If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 7i . . . . . . . . . .

h
i
j
k
l
8

Multiply line 7a by line 7g
. . . . . . . . .
Add lines 7c, 7e, and 7h . . . . . . . . . . .
Enter the applicable kW capacity of property on line 7a.
See instructions . . . . . . . . . . . . .
Reserved for future use . . . . . . . . . .
Multiply line 7j by $200 . . . . . . . . . . .
Enter the smaller of line 7i or 7l . . . . . . . . .

7a
7b
7c

%

7d
7e
. .

%
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7f

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7g
7h
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7j
7k
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%
7i

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7l
. .

Form 3468 (2024)

Page 7

Form 3468 (2024)

Part VI

Energy Credit Under Section 48 (continued)

Section E—Combined Heat and Power System Property (see instructions)
Caution: You can’t claim this credit if the electrical capacity of the property is more than 50 MW or has a mechanical energy capacity
of more than 67,000 horsepower or an equivalent combination of electrical and mechanical energy capabilities.
9a

Enter the basis of property using combined heat and
power system placed in service during the tax year .
b If the electrical capacity of the property is measured in:
• MW, divide 15 by the MW capacity. Enter 1.0 if the
capacity is 15 MW or less.
• Horsepower, divide 20,000 by the horsepower. Enter
1.0 if the capacity is 20,000 horsepower or less . .
c Multiply line 9a by line 9b
. . . . . . . . .
d If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
e Multiply line 9c by line 9d
. . . . . . . . . .
f If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 9h . . . . . . . . . .

9a

TREASURY/IRS
AND OMB USE
ONLY DRAFT
September 9, 2024
DO NOT FILE
9b
9c

9d
. .

9f
g Multiply line 9c by line 9f . . . . . . . . . . . . .
h If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 10 . . . . . . . . . .
9h
i Multiply line 9c by line 9h
. . . . . . . . . . . .
10
Add lines 9e, 9g, and 9i . . . . . . . . . . . . .
Section F—Qualified Small Wind Energy Property (see instructions)
11a
11a Reserved for future use . . . . . . . . . .
b Reserved for future use . . . . . . . . . .
11b
c Reserved for future use . . . . . . . . . . . . .
d Enter the basis of property using small wind energy
property placed in service during the tax year . . .
11d
e If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
11e
f Multiply line 11d by line 11e . . . . . . . . . . . .
g If you checked the box in Part I, line 11a or 11b, enter
10%. If you checked the box in Part I, line 11c or 11d,
enter 20%. However, if you checked the box in Part I,
line 11g; or Part I, line 12b, is 5 MW ac or more (in
relation to line 11a, 11b, 11c, or 11d), you don’t qualify
for the bonus credit. In that situation, enter 0% here, go
to line 11m and enter -0-, and then go to line 11n . .
h Enter the amount of capacity limitation you were
allocated in the allocation letter
. . . . . . .
i If the entry on Part I, line 12b, equals the entry on line
11h, multiply line 11d by line 11g and go to line 11m.
Otherwise, continue to line 11j . . . . . . . .
j
k
l
m
n

o
p

q
12

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9e

%

9g

%
.

9i
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10

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12

11c

%

11f

11g

%

11h

kW

11i
If the entry on Part I, line 12b, is more than the entry on
line 11h, divide line 11h by Part I, line 12b . . . .
11j
11k
Multiply line 11g by line 11j . . . . . . . . .
11l
Multiply line 11d by line 11k . . . . . . . . .
If Part I, line 12b, is more than the entry on line 11h, enter the amount from line
11l. Otherwise, enter the amount from line 11i . . . . . . . . . . .
11m
If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 11p . . . . . . . . . .
11n
%
Multiply line 11d by line 11n . . . . . . . . . . . . . . . . .
11o
If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 12 . . . . . . . . . .
11p
%
Multiply line 11d by line 11p . . . . . . . . . . . . . . . . .
11q
Add lines 11f, 11m, 11o, and 11q . . . . . . . . . . . . . . . . . .

Form 3468 (2024)

Page 8

Form 3468 (2024)

Part VI

Energy Credit Under Section 48 (continued)

Section G—Waste Energy Recovery Property (see instructions)
13a

Enter the basis of property using waste energy
recovery placed in service during the tax year . . .
13a
b If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
13b
c Multiply line 13a by line 13b . . . . . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 13f . . . . . . . . . .
13d
e Multiply line 13a by line 13d . . . . . . . . . . . .
f If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 14 . . . . . . . . . .
13f
g Multiply line 13a by line 13f . . . . . . . . . . . .
14
Add lines 13c, 13e, and 13g . . . . . . . . . . . .
Section H—Geothermal Heat Pump Systems (see instructions)

%

TREASURY/IRS
AND OMB USE
ONLY DRAFT
September 9, 2024
DO NOT FILE
.

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13c

%

13e

%
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13g
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14

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16

15a

Enter the basis of property using geothermal heat
pump systems placed in service during the tax year .
15a
b If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
15b
c Multiply line 15a by line 15b . . . . . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 15f . . . . . . . . . .
15d
e Multiply line 15a by line 15d . . . . . . . . . . . .
f If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 16 . . . . . . . . . .
15f
g Multiply line 15a by line 15f . . . . . . . . . . . .
16
Add lines 15c, 15e, and 15g . . . . . . . . . . . .

%

15c

%

15e

%
.

15g
. .

Form 3468 (2024)

Page 9

Form 3468 (2024)

Part VI

Energy Credit Under Section 48 (continued)

Section I—Energy Storage Technology Property (see instructions)
17a

Enter the basis of property using energy storage
technology placed in service during the tax year . .
17a
b If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
17b
c Multiply line 17a by line 17b . . . . . . . . . . . .

%

TREASURY/IRS
AND OMB USE
ONLY DRAFT
September 9, 2024
DO NOT FILE
.

.

.

.

17c

.

Caution: For lines 17d through 17j, the energy storage technology property must be
installed in connection with a solar or wind energy property under section 45(d)(1),
48(a)(3)(A)(i), or 48(a)(3)(A)(vi) that qualifies for the low-income community bonus credit
under section 48(e) to also qualify for the bonus credit. If the energy storage
technology property is not installed in connection with such solar or wind energy
property, then skip lines 17d through 17j, and go to line 17k.
d If you checked the box in Part I, line 11a or 11b, enter
10%. If you checked the box in Part I, line 11c or 11d,
enter 20%. However, if you checked the box in Part I,
line 11g; or Part I, line 12a(ii) or 12b, is 5 MW ac or more
(in relation to line 11a, 11b, 11c, or 11d), you don’t
qualify for the bonus credit. In that situation, enter 0%
here, go to line 17j and enter -0-, and then go to line 17k
e Enter the amount of capacity limitation you were
allocated in the allocation letter for the solar or wind
energy property in connection with the energy storage
technology . . . . . . . . . . . . . .

f

If the relevant entry on Part I, line 12a(i) or 12b, equals
the entry on line 17e, multiply line 17a by line 17d and
go to line 17j. Otherwise, continue to line 17g . . .

17d

%

17e

kW

17f

g If the relevant entry on Part I, line 12a(i) or 12b, is more
than the entry on line 17e, divide line 17e by Part I, line
12a(i) or 12b . . . . . . . . . . . . . .

h
i
j

k

17g
Multiply line 17d by line 17g . . . . . . . . .
17h
Multiply line 17a by line 17h . . . . . . . . .
17i
If the entry for the solar or wind energy property in connection with the energy
storage technology on Part I, line 12a(i) or 12b, is more than the entry on line
17e, enter the amount from line 17i. Otherwise, enter the amount from line 17f
If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 17m . . . . . . . . .

17k
l Multiply line 17a by line 17k . . . . . . . . . . . . .
m If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 18 . . . . . . . . . .
17m
n Multiply line 17a by line 17m . . . . . . . . . . . .
18
Add lines 17c, 17j, 17l, and 17n . . . . . . . . . . .
Section J—Qualified Biogas Property (see instructions)

17j

%
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17l

%
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17n
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18

.

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.

20

19a

Enter the basis of property using biogas placed in
19a
service during the tax year . . . . . . . . .
b If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
19b
c Multiply line 19a by line 19b . . . . . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 19f . . . . . . . . . .
19d
e Multiply line 19a by line 19d . . . . . . . . . . . .
f If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 20 . . . . . . . . . .
19f
g Multiply line 19a by line 19f . . . . . . . . . . . .
20
Add lines 19c, 19e, and 19g . . . . . . . . . . . .

%
19c

%
19e

%
.

19g
. .

Form 3468 (2024)

Page 10

Form 3468 (2024)

Part VI

Energy Credit Under Section 48 (continued)

Section K—Microgrid Controllers Property (see instructions)
21a

Enter the basis of property using microgrid controllers
placed in service during the tax year . . . . . .
21a
b If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
21b
c Multiply line 21a by line 21b . . . . . . . . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 21f . . . . . . . . . .
21d
e Multiply line 21a by line 21d . . . . . . . . . . . . . . .
f If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 22 . . . . . . . . . .
21f
g Multiply line 21a by line 21f . . . . . . . . . . . . . . .
22
Add lines 21c, 21e, and 21g . . . . . . . . . . . . . . .
Section L—Qualified Investment Credit Facility Property (see instructions)

%

TREASURY/IRS
AND OMB USE
ONLY DRAFT
September 9, 2024
DO NOT FILE
.

.

.

.

.
.

.
.

21c

%

21e

%
.

21g
. .

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.

22

.

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.

.

24

23a

Enter the basis of property using investment credit
facility property placed in service during the tax year .
23a
b If you checked the box in Part I, line 7a or 8b, enter
30%. Otherwise, enter 6% . . . . . . . . .
%
23b
c Multiply line 23a by line 23b . . . . . . . . . . . . . . . . .
23c
Caution: For property other than that described under section 45(d)(1), the property
does not qualify for the wind facility in connection with the low-income community
bonus credit under section 48(e). Skip lines 23d through 23j, and go to line 23k.
d If you checked the box in Part I, line 11a or 11b, enter
10%. If you checked the box in Part I, line 11c or 11d,
enter 20%. However, if you checked the box in Part I,
line 11g; or Part I, line 12b, is 5 MW ac or more (in
relation to line 11a, 11b, 11c, or 11d), you don’t qualify
for the bonus credit. In that situation, enter 0% here,
go to line 23j and enter -0-, and then go to line 23k .
e Enter the amount of capacity limitation you were
allocated in the allocation letter
. . . . . . .
f If the entry on Part I, line 12b, equals the entry on line
23e, multiply line 23a by line 23d and go to line 23j.
Otherwise, continue to line 23g
. . . . . . .

23d

%

23e

kW

23f
g If the entry on Part I, line 12b, is more than the entry on
line 23e, divide line 23e by Part I, line 12b . . . .
23g
h Multiply line 23d by line 23g . . . . . . . . .
23h
23i
i Multiply line 23a by line 23h . . . . . . . . .
j If Part I, line 12b, is more than the entry on line 23e, enter the amount from line
23i. Otherwise, enter the amount from line 23f . . . . . . . . . . .
k If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 23m . . . . . . . . .
23k
%
l Multiply line 23a by line 23k . . . . . . . . . . . . . . . . .
m If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 24 . . . . . . . . . .
23m
%
n Multiply line 23a by line 23m . . . . . . . . . . . . . . . .
24
Add lines 23c, 23j, 23l, and 23n . . . . . . . . . . . . . . . .

23j

23l

23n
. .

Form 3468 (2024)

Page 11

Form 3468 (2024)

Part VI

Energy Credit Under Section 48 (continued)

Section M—Clean Hydrogen Production Facilities as Energy Property (see instructions)
Caution: If you choose to treat specified clean hydrogen production property as energy property, you cannot also take the credit
under section 45V or 45Q. Production and sale or use of clean hydrogen must be verified by an unrelated party. Attach a copy of the
verification report to the tax return.
25a

Enter the basis of property placed in service during the
tax year for the facility that is designed and reasonably
expected to produce qualified clean hydrogen per
section 45V(b)(2)(A)
. . . . . . . . . . .
b If you checked the box in Part I, line 8b, enter 6%. If
you checked the box in Part I, line 8c, enter 1.2% .
c Multiply line 25a by line 25b . . . . . . . . . .
d Enter the basis of property placed in service during the
tax year for the facility that is designed and reasonably
expected to produce qualified clean hydrogen per
section 45V(b)(2)(B)
. . . . . . . . . . .
e If you checked the box in Part I, line 8b, enter 7.5%. If
you checked the box in Part I, line 8c, enter 1.5% .
f Multiply line 25d by line 25e . . . . . . . . . .
g Enter the basis of property placed in service during the
tax year for the facility that is designed and reasonably
expected to produce qualified clean hydrogen per
section 45V(b)(2)(C) . . . . . . . . . . .
h If you checked the box in Part I, line 8b, enter 10%. If
you checked the box in Part I, line 8c, enter 2% . .
i Multiply line 25g by line 25h . . . . . . . . . .
j Enter the basis of property placed in service during the
tax year for the facility that is designed and reasonably
expected to produce qualified clean hydrogen per
section 45V(b)(2)(D) . . . . . . . . . . .

TREASURY/IRS
AND OMB USE
ONLY DRAFT
September 9, 2024
DO NOT FILE
25a

25b
. .

%

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25c

25d

25e
. .

%

25f

25g

25h
. .

%

25i

25j
If you checked the box in Part I, line 8b, enter 30%. If
you checked the box in Part I, line 8c, enter 6% . .
%
25k
25l
l Multiply line 25j by line 25k . . . . . . . . . . . . . . . . .
26
Add lines 25c, 25f, 25i, and 25l . . . . . . . . . . . . . . . . . . .
Section N—Totals and Credit Reduction for Tax-Exempt Bonds (see instructions)
k

27

28a

b
c
d
e
29
30

31
32

Add Part VI, lines 2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22,
24, and 26 . . . . . . . . . . . . . .
If proceeds of tax-exempt bonds were not used to
finance your facility, skip line 28, and go to line 29.
Divide. Sum, for the tax year and all prior tax
years, of all proceeds of tax-exempt
bonds (within the meaning of section
103), used to finance the qualified
facility, as of the close of the tax year
. .
Aggregate amount of additions to the
capital account for the qualified
facility, for the tax year and all prior tax
years, as of the close of the tax year

.

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.

26

.

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32

27

28a

28b
Multiply line 27 by line 28a . . . . . . . . .
Multiply line 27 by 15% (0.15) . . . . . . . .
28c
28d
Enter the smaller of line 28b or 28c . . . . . .
28e
Subtract line 28d from line 27 . . . . . . . .
If proceeds of tax-exempt bonds were used to finance your facility, enter the
amount from line 28e. Otherwise, enter the amount from line 27 . . . . .
29
If you are making an elective payment election under section 6417 for a facility
whose construction began in calendar year 2024, and the facility doesn’t meet
the rules of section 48(a)(12)(B), or doesn’t have a maximum net output of less
than 1 MW (as measured in ac), multiply line 29 by 90% (0.90). All others, enter
the amount from line 29 . . . . . . . . . . . . . . . . . .
30
Enter the applicable unused investment credit from cooperatives. See instructions 31
Add lines 30 and 31. Report this amount on Form 3800, Part III, line 4a . . . . .

Form 3468 (2024)

Page 12

Form 3468 (2024)

Part VII

Rehabilitation Credit Under Section 47 (see instructions)

1a Was there a prior section 170(h) deduction on this property?
Yes
No
b If “Yes” to line 1a, then provide the prior NPS number . . . . . . . . . . .
c Check this box if you are electing under section 47(d)(5) to take your qualified rehabilitation expenditures into account for
the tax year in which paid (or, for self-rehabilitated property, when capitalized). This election applies to the current tax year
and to all later tax years. You may not revoke this election without IRS consent . . . . . . . . . . . . . . .

TREASURY/IRS
AND OMB USE
ONLY DRAFT
September 9, 2024
DO NOT FILE
d Enter the dates for the 24- or 60-month measuring period.
Beginning date:
End date:
e Enter the adjusted basis of the building as of the beginning date above (or the first day of your holding
$
period, if later) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
f Enter the amount of the qualified rehabilitation expenditures incurred, or treated as incurred, during the
$
period on line 1d above . . . . . . . . . . . . . . . . . . . . . . . . . . .
g Enter the amount of qualified rehabilitation expenditures 1g
h For pre-1936 buildings under the transition rule, multiply line 1g by 10% (0.10)
1h
i For certified historic structures under the transition rule, multiply line 1g by
20% (0.20) . . . . . . . . . . . . . . . . . . . . . .
1i
j For certified historic structures with expenditures paid or incurred after 2017
and not under the transition rule, multiply line 1g by 4% (0.04) . . . . .
1j
Note: This credit is allowed for a 5-year period beginning in the tax year that
the qualified rehabilitated building is placed in service.
k If you completed line 1i or 1j, enter the following.
.
(i) The assigned NPS project number:
(ii) The originating pass-through entity’s EIN (if applicable):
.
(iii) The date the NPS approved the Request for Certification of Completed
Work:
.
l Reserved for future use.
m If you have not received an approved certification of completed work, enter
the date that is 30 months after the date that the original rehabilitation credit
was claimed for the property:
,
and attach the first page of NPS Form 10-168, with an indication that it was
received, and a statement that you did not receive the final certification of
completed work before the date above.

2

3

Enter the applicable unused investment credit from cooperatives. See
instructions . . . . . . . . . . . . . . . . . . . . . .
Add lines 1h, 1i, 1j, and 2. Report this amount on Form 3800, Part III, line 4k . .

2
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3
Form 3468 (2024)